The playmaker played an integral part in Chile's progression into the round of 16, before being knocked out by Brazil in a penalty shootout.

The 25-year-old currently plays for Brazilian club Internacional and has 31 international caps to show for, which would make securing a work permit quite easy for the north London club after being forced into a corner with Gabriel Paulista.

The midfielder is likely to set the Gunners back by around £5.5m, a good value for a player who will add more creativity to the side which is already bulging with the likes of Mesut Ozil and Santi Cazorla.

However, the only problem that can scupper the transfer is that of third party ownership, which can prove a stumbling block should the Gunners move ahead with their interest.

Alexis Sanchez is likely to act as mediator in the transfer, given his influence on the Chile side and the Arsenal manager will have a better chance to see up up close when Brazil take on Chile at the Emirates later this month in a friendly.

The Gunners have recently received a massive boost in the form of Mesut Ozil, who has confirmed his allegiance to the club after reports linking him with a move out of the Emirates.

Wenger is likely to spend in the summer after a slurry of lucrative deals saw them lift their financial clout and can currently compete with the likes of Manchester City and Chelsea for the top players.

"A return to Germany is not an option for me right now. I am really happy at Arsenal and I want this to continue," Ozil said.

"I played in the Bundesliga and at Real Madrid. But the English Premier League is the strongest league in the world. Opponents never give up. Even if we're 3-0 in front with Arsenal, the players never give up and fight until the very last second," he added.